Photoshop CS, saving files to last location

Anyone know the key to getting Photoshop CS (on Windows XP) to "remember" the last location to which you saved a file? When saving one file after another to the same folder, CS is making me navigate through the entire world each time to get to the same folder. In the past, Photoshop has "remembered" the last location where it saved a file and would offer that location first the next time. Seems like it should be a preference setting, but I'm not finding it. Any help out there?

Mike,

It should default to the folder the image was opened from. Only S4W defaults to the last folder used for saving to.

Opening images should default to the last used folder